A Business Plan - Build a Sustainable Professional Enterprise
Cosmetics magnate, Mary Kay Ash, taught her beauty consultants a simple, but powerful business concept.  "If you fail to plan, you plan to fail."   She knew that sustainable business success does not just happen; sustainable success occurs through careful planning and deliberate execution. 

A business development plan provides an outline of a company's short- and long-term goals.  It establishes the company's purpose.  It clarifies its customer base and products.  It breaks down financial costs and projected profits.  It includes a timeline for development and growth.

How a Professional Business Plan Produces Sustainable Development

While the ideal time to write a development plan is prior to the grand opening,  a professional business plan can be written at any time in a company's existence.  A professional business plan not only requires a new owner to evaluate every aspect of his company, it also helps him avoid errors that cause many companies to fail.   

Whether you are just opening or have been in operation for a while, a sustainable development plan can benefit your organization.  By setting professional goals as close as 6 months and as long-term as 5-years, your company may find the sustainable growth and profitability you desire.  This process will help focus your efforts.  It will enable you to see your company's strengths and areas needing development.  

Plus, a professional business plan can help entrepreneurs secure financing when needed.

What Goes into a Business Development Plan?

There is more than one way organize a business development plan.  However, there are certain details that should be included to produce a comprehensive, sustainable plan. 

• Company Purpose:  Clearly state what you hope to accomplish in your business and what your goals are (both short-term and long-term).  Then, describe your company.
• Company Details:   Describe what type of business you have (retail, manufacturing, service, etc.), and when and where it was formed.  You will want to include the business structure (sole proprietorship, partnership, LLC, incorporated, etc.) and who owns the company.  You will also want to include any professional credentials the company or its owners possess.
• Target Market:  Part of business development includes analyzing your customer base.  A true professional spends his time and money on the people most likely to buy his products.  In this section,  you will identify who your customers are/will be.  You will provide greater detail about the products and professional services you offer.  You will identify the needs of your market and describe how you will meet those needs.   You will differentiate yourself from your competition.
• Staffing Requirements:   Describe what your professional staffing needs will be and what they will do.  Also, include information about suppliers. 
• Financial Requirements:  In this part of your professional development plan, you will look in detail at both your existing/projected costs and your anticipated profits.    Overestimate costs rather than underestimate them.  As you list costs, here are some items to include (not all-inclusive):  rent; professional licensing fees and costs to set up corporate structure; advertising/marketing expenses; utilities; insurances; vehicle expenses; and the cost to operate without profit for a specified period of time (particularly important if you are just opening).  When working on this section of your development plan, take the time to research costs.  Accuracy will pay off.  When listing profit projections, be more conservative.  If you overestimate your projected income and underestimate your expenses, your business will not be sustainable no matter how professional or likeable you are.  Remember, the goal is to create a professional development plan that is sustainable. 
• Timetable:  In this section, you will develop your short-term and long-term business, professional and financial goals.  You will list each goal and provide an anticipated date for completion.  Large goals can be broken down into smaller components. 

 Pitfalls Professional Development Planning Helps Prevent

While business development planning may appear time-consuming and challenging,  the rewards are well worth the effort.

Many new businesses fail during their first year in operation because the owners failed to anticipate expenses and income accurately.  They run out of money and close.   Spend time on the financial section of the development plan to avoid this pitfall.   After the development plan is complete, assess it professionally. Be honest and objective.   Do the business expenses make sense?  Are income projections feasible?  If they are, then the professional business development plan is sustainable.

Businesses also fail when owners develop areas of business they like and neglect others.   For example, a professional who enjoys sales may concentrate his efforts in that area and fail to manage others such as accounting, inventory or customer service.  If this is done for too long, the business will fail.  By creating a sustainable development plan, a business owner assesses his professional strengths/weaknesses and all his business needs.  The owner can then decide what areas he will handle himself and which ones he will delegate.    

A business development plan gives professional company owners clarity and focus so they can build sustainable businesses that grow and profit!